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TikTok’s US future uncertain

It must find non-Chinese owner to avoid ban.

Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Pure Health announces IPO

The company will offer 1.11bn shares at AED3.26 per share.
  • The subscription period will open on 6th December 2023 and will close on 11th December 2023 for both the Tranches.
  • The company intends to list its shares on ADX on 20th December 2023.

Mumtalakat, Investcorp ink pact

The firms have jointly launched a climate investment platform.
  • The platform will make investments in businesses where they have matured past many of the risks that face earlier stage ventures.
  • They must manage and minimize the execution risks associated with expansion in middle-market investments.

Eve Air Mobility, flynas ink MoU

The firms will explore starting eVTOL services in Saudi Arabia.
  • The agreement will contribute to Saudi Arabia’s aviation industry by building the ecosystem for electric flights.
  • flynas operates over 1,500 weekly flights to over 70 domestic and international destinations.

Amazon releases AI chatbot

"Q" will be available only to the company's AWS cloud.
  • "Q" will be available only to Amazon's AWS cloud computing customers and will be in direct competition with ChatGPT as well as Google's Bard and Microsoft's copilots
  • Costing $20 monthly per user, Amazon Q will perform a variety of tasks including summarizing uploaded documents and answering questions about specific data

Foxconn to invest $1.54bn more in India

The firm announced in May to purchase land for $37 million in India.
  • Chairman Young Liu had said during an earnings call in August that the company saw the potential to invest "several billion dollars" in India
  • The company is planning to expand its India operations to "critical components" for consumer electronics and electric vehicles to boost its competitiveness

Ooredoo, QNBN sign agreement

The two companies will jointly develop Doha Port.
  • The agreement represents a strategic partnership and reflects a commitment to driving innovation to build a more connected Qatar.
  • Qatar National Broadband Network was established to implement the highest global standards in evolving telecommunication infrastructure.

EasyJet rebounds into annual profit

Profit after tax stood at £324 million.
  • Profit after tax stood at $409 million in the 12 months to the end of September on higher demand and increased fares, EasyJet said
  • "We see a positive outlook for this year with airline and holidays bookings both ahead year on year," EasyJet chief executive said in the statement.

Fashion giant Shein to go public

Shein was valued at $66 billion earlier this year.
  • The company was valued at $66 billion earlier this year, and a public presence by the company in the United States could make huge waves on Wall Street
  • Shein recorded $23 billion in revenue and $800 million in net profit in 2022, Journal said reporting that firm has told investors it has posted new records in 2023

Beltone 9M net profit at $2.7m

In 9M, the firm's restructuring led to a turnaround.
  • Operating revenue in 9M 2023 increased to US$30 million, a growth of 271 percent Year-on-Year.
  • The NBFIs operating revenue recorded US$15 million in 9M2023, a growth of 680 percent YoY.

JABEEN signs contracts with Retal, Abyatna

The firms will build primary and secondary infrastructure works.
  • Under the contract, a total of 897 residential units will be built in the Jubail industrial city.
  • The $319 million contract, which was awarded on Nov. 26, 2023, extends for 40 months, starting on the date of the land handover from JABEEN to Retal.

e& reports $2.94 billion in net profit

e&’s subscriber base rose 11.7% to 189.3m

Latest News

Rolls-Royce back into profit

The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.

Boursa Kuwait posts $51m net profit

Operating profit for 2023 was recorded at US$59 million.

Glencore 2023 profit down 75%

The company said lower energy prices cut into its profits.

Most Read

Walmart to buy TV maker Vizio

The acquisition of the TV maker is worth $2.3 billion.
  • With the all-cash purchase, the US shopping behemoth gains access to Vizio's more than 18 million accounts.
  • Vizio is known for what Walmart called "immersive entertainment" through a "customer-centric platform".

stc 2023 revenues is $19.28bn

Gross profit for 2023 rose 1.1 percent compared to 2022.
  • The growth was mainly attributed to the increase in commercial unit revenues by 5.1 percent
  • It was also due to rise in carriers and wholesale unit revenues by 1.4 percent in stc KSA,.

HMG 2023 net profit $544m

The rise was due to the hospitals and pharmacy segments.
  • The increase in net profit came as revenues edged up 14.41 percent year-on-year (YoY) to US$2.5 billion (SAR 9.5 billion).
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 18.49 percent YoY to US$666 million (SAR 2.5 billion).